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Problem:

For your reference, the following are depreciation percentages for a 5-year MACRS property, for years 1 through 6 respectively: 20%, 32%, 19.2%, 11.52%, 11.52%, 5.76%. A firm just purchased a fixed asset classified as a 5-year MACRS property. The initial cost of the asset was $55,232.

Required:

Question: What is the amount of the depreciation expense for the third year?

Note: Show all workings.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166280

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